The continuing geopolitical conflicts are already having an impact on the economy and the general public, according to industry leaders and worldwide specialists who spoke Monday. They said they hope the conflict does not get worse and is resolved soon.

At the Indiaspora AI Summit in this city, former Infosys CEO Kris Gopalakrishnan noted that the current conflicts are having a broader impact on daily life, not just on the technology industry.

“Already, small firms like neighborhood restaurants and roadside food booths are being impacted by LPG shortages, and many of them are being forced to return to traditional cooking practices,” he said.

He cautioned that increasing oil prices may drive inflation higher and have an impact on the overall economy if the trend persists.

Gopalakrishnan also emphasized worries about India’s sizable diaspora in the Middle East, stating that any disruption there could have an impact on remittances, which make up a large portion of India’s inflows.

“Travel routes throughout the region are also experiencing disruptions, which makes the difficulties even greater,” he continued.

At the same event, Sanjeev Joshipura, Executive Director of Indiaspora, noted that geopolitics has emerged as a significant worldwide worry and is a major topic of conversation at the summit.

He further stated that the organization hopes to bring together the Indian diaspora worldwide with leaders in India in order to work together on long-term objectives, such as India’s aim of becoming a developed country by 2047.

According to Joshipura, the summit is also concentrating on artificial intelligence and its practical applications in various industries, as well as on how communities around the world may help bring about positive change.

Indo-American economist Gita Gopinath, on the other hand, highlighted the precarious state of the world economy due to the ongoing conflict and other difficulties.

She continued, “Uncertainty surrounding oil prices remains high and may have an impact on global growth. ” She argued that continued high oil prices might stifle economic expansion everywhere, including India.